1. (a) Except as otherwise provided in this article, a savings bank has all of the general powers granted to Maryland corporations under the Maryland General Corporation Law.¹

2. (b) In addition to the powers set forth elsewhere in this article, a savings bank may:

   1. (1) Receive deposits of money from:

      1. (i) Any person;
      2. (ii) The federal government or its agencies; and
      3. (iii) Any state or its political subdivisions;

   2. (2) Pledge collateral to secure the deposits of:

      1. (i) The federal government or its agencies; or
      2. (ii) Any state or its political subdivisions;

   3. (3) On good security:

      1. (i) Invest deposits; and
      2. (ii) Make loans from deposits;

   4. (4) Subject to § 4-603 of this title:

      1. (i) Borrow money; and
      2. (ii) Pledge its assets to secure the debt;
   5. (5) Rent its vaults or safe-deposit boxes and, in accordance with the rental agreement, permit deposits of property;
   6. (6) Subject to § 5-503 of this article, buy, hold, and convey real property;

   7. (7) Subject to § 4-604 of this title, act as trustee under:

      1. (i) The federal Self-Employed Individuals Tax Retirement Act of 1962;² or
      2. (ii) The federal Employee Retirement Income Security Act of 1974;³
   8. (8) With the prior approval of the Commissioner, exercise the powers granted under § 3-207 of this article to a trust company; and
   9. (9) Exercise all of the powers usual in carrying on a business of savings banking.

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1982, c. 904; Acts 1983, c. 8; Acts 1996, c. 326, § 2, eff. July 1, 1996.

Formerly Art. 11, § 41.

Corporations and Associations, § 1-101 et seq.

Pub.L. 87-792, Oct. 10, 1962, 76 Stat. 809.

Pub.L. 93-406, Sept. 2, 1974, 88 Stat. 829, codified at 29 U.S.C.A. § 1001 et seq.